Unaudited Standalone Financial Results of the Company for the Quarter ended December 31, 2025.
Awaiting price reaction for this filing.
Harig Crankshafts Limited submitted its unaudited standalone financial results for Q3 FY26 (quarter ended December 31, 2025) to BSE on February 11, 2026. The statutory auditor M.B. Gupta & Co. issued a modified (qualified) review opinion because the company has not filed Income Tax Returns for 12 consecutive assessment years (AY 2012-13 to AY 2023-24), preventing the auditor from verifying tax compliance and related financial impact. The company earlier underwent Corporate Insolvency Resolution Process (CIRP) after NCLT admitted it on March 31, 2023, and the resolution plan submitted by M/s Palika Towns LLP was approved on April 17, 2024, with a new board constituted on May 17, 2024. Notes also reference large one-time exceptional items booked in FY25 as part of the resolution plan, including derecognition of financial liabilities, impairment of plant and equipment, write-off of inventories and advances, and recognition of unaccounted finance costs.
The qualified auditor opinion is a red flag — non-filing of income tax returns for over a decade raises serious compliance concerns that could lead to penalties or undisclosed liabilities for shareholders. That said, the successful IBC resolution and reconstitution of the board indicate the company is in a turnaround phase, so investors should weigh the recovery narrative against the unresolved tax filing issue.